# OZM: Mulgabbie North Update

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/ozm-mulgabbie-north-update--757f86d1-ea4b-4182-8274-a69233960a7d

Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03152109

Publisher: asx

Original announcement: 2026-10-13T22:31:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: 2026-10-13T23:47:40.319Z

Atlas analysis updated: 2026-10-13T23:47:40.319Z

- Company: OzAurum Resources Limited

- Ticker: OZM

- Exchange: ASX

- Region: Western Australia

- Primary commodity: Gold

- Secondary commodities: None reported

- Document categories: Metallurgy, Permitting, Other

- Extracted: 2026-10-13 23:47:41 UTC

Narrative sentiment: 0.20 · Bullish

## Minestarters Atlas summary

OzAurum has completed Stage 1 water bore construction and secured five key permits for the Mulgabbie North Gold Project. While record rainfall has delayed site works and plant transport, the company is preparing to commence fresh rock metallurgical testwork to evaluate project expansion.

Reasoning: The update provides significant de-risking via permitting and water supply, though operational timelines are hampered by weather and infrastructure issues.

- Positive factor: Completion of production water bores for Stage 1

- Positive factor: Five key permits approved including Works Approval

- Positive factor: Potential for fresh rock expansion in Stages 2 and 3

- Positive factor: Strong interest in Patricia Gold Project divestment

- Negative factor: Record rainfall causing site civil works and plant transport delays

- Negative factor: Road infrastructure \(Pinjin Tropicana\) in disrepair

Facts used in scoring: 1

## Classification and evidence

**Heap Leach Route**

Polarity: neutral

Definition: Processing via heap leach — lower CAPEX and OPEX, lower recovery expected.

Why it applies: The project is being developed via a low-capex heap leach pathway.

Evidence · text

> low-capex heap leach development pathway

**Bench Scale Only**

Polarity: negative

Definition: Only preliminary bench tests completed — no locked-cycle or pilot work.

Why it applies: The metallurgical results are from a column leach test, which is a screening-level test.

Evidence · text

> The Competent Person considers these results to be indicative, but not an absolute measure

**Single Domain Only**

Polarity: negative

Definition: Testing limited to one composite or domain — representativeness not established.

Why it applies: only one composite was tested

## Extracted facts

Stored fact records: 1. Some facts used in scoring do not have a stored record.

## Metallurgical Results (1)

### column leach

[Link to this fact](https://atlas-staging.minestarters.com/news/ozm-mulgabbie-north-update--757f86d1-ea4b-4182-8274-a69233960a7d#fact-metallurgical-facts-0)

Mulgabbie North Gold Project · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Mulgabbie North Gold Project
- Commodity: gold
- Region: australia\_wa
- Reported Region: Western Australia
- Ticker: OZM

#### Test Work

- Program Status: optimization
- Test Type: column leach
- Processing Route: heap leach
- Sample: paleochannel column MNODH 022
- Leach Time: 552 hours

#### Recovery

- Recovery: 75 %
- Recovery Basis: actual\_test
- Head Grade: 2.5
- Head Grade Unit: g/t

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2026-07-08T00:00:00.000Z

#### Dates

- Event date: 2026-10-13T00:00:00.000Z

Reasoning: Historical result from July 2026 showing 75% recovery in 23 days.

- Positive factor: Rapid early recovery is commercially important

Evidence · text

> delivered ~75% recovery in 23 days \(assay grade 2.50 g/t Au\)

#### Tags used in scoring

**Heap Leach Route**

Polarity: neutral

Definition: Processing via heap leach — lower CAPEX and OPEX, lower recovery expected.

Why it applies: processing\_route matches the heap\_leach signal

**High Recovery**

Polarity: positive

Definition: Recovery at or above the exceptional band for the commodity and processing route.

Why it applies: 75% is at or above the exceptional band \(75%\)

## How Atlas produces this analysis

Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.